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Hong Kong tycoon Richard Li's FWD files for U.S. listing

HONG KONG, June 17 (Reuters) - Hong Kong tycoon Richard Li’s insurer FWD said it has lodged an application to regulators for an initial public offering in the United States.

The company did not reveal the size of the IPO but the deal could raise between $2 to $3 billion, people familiar with the matter said.

A raising of that size would value FWD at $13 billion to $15 billion, they added.

FWD declined to comment on the potential raising size.

The number of American Depositary Shares (ADS) or a price range has yet to be determined, a statement from the company said.

“The IPO is expected to take place after the SEC completes its review process, subject to market conditions,” it added.

The IPO filing comes under FWD holding company PCGI Intermediate.

Richard Li is the son of Hong Kong’s richest man Li Ka-Shing.

FWD was established in 2013 and is the insurance business of Li’s investment arm Pacific Century Group.

FWD has businesses across 10 Asian countries led by Hong Kong, Indonesia, Japan and Macau, according to its website.

The company has $62.6 billion in assets and 9.8 million customers, a factsheet on its website states which also says FWD’s minor shareholders include Swiss Re, GIC Ventures, RBJ Capital and Hopu Investments.

Reporting by Scott Murdoch in Hong Kong; Editing by Jacqueline Wong

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